Core Points - National Grid is collaborating with local food banks and pantries in New York and Massachusetts to address rising food insecurity due to economic challenges faced by families [1][2] - The company is contributing $400,000 to support 15 food organizations, enabling them to provide essential groceries, fresh produce, and healthy meals to those in need [2][5] - The initiative is part of National Grid's broader social impact efforts aimed at supporting communities during times of crisis [2][5] Financial Contribution - National Grid's funding of $400,000 will assist local food organizations in expanding their reach and resources to combat hunger [2] - Specific organizations receiving support include Catholic Charities of Staten Island, Food Bank of Central New York, and The Campaign Against Hunger among others [4][5] Community Impact - The Food Bank of Central New York reported a staggering increase in demand for assistance, highlighting the critical nature of National Grid's support [3] - Local leaders express gratitude for National Grid's contributions, emphasizing the importance of community partnerships in addressing food insecurity [3][5] - National Grid employees will also volunteer during the holiday season to assist with food distributions, reinforcing the company's commitment to community engagement [5] Broader Context - The initiative comes at a time when many families are struggling with rising food costs and the cessation of benefits, making the support from National Grid particularly timely [5] - The company's actions reflect a commitment to social responsibility and community resilience, aligning with its mission to provide essential services to the public [5][6]

Group 1 - Two stocks in the utilities sector are showing signs of being overbought, which may concern momentum-focused investors [1][2] - The Relative Strength Index (RSI) is a key momentum indicator, with values above 70 indicating overbought conditions [2] - National Grid Plc (NYSE:NGG) has an RSI value of 70.9, with shares gaining 1.9% to close at $77.75 [6] - American Electric Power Company Inc (NASDAQ:AEP) has an RSI value of 72.4, with shares rising 1.6% to close at $121.43 [6] Group 2 - American Healthcare reported better-than-expected quarterly results, with organic growth exceeding historical levels and Same-Store SHOP occupancy above 90% [6] - American Healthcare's stock gained around 4% over the past five days, reaching a 52-week high of $77.94 [6] - AEP and Quanta Services announced a strategic partnership to enhance transmission and power infrastructure, contributing to AEP's stock performance [6]

Core Insights - National Grid reported a strong first half with a focus on operational excellence and capital discipline, aiming to deliver reliable and clean energy while meeting growing demand [1][2][3] - The company is committed to a GBP 60 billion capital investment program, projecting around 10% annual investment growth and 6% to 8% underlying earnings per share growth [4][5] Investment and Operational Performance - National Grid has invested over GBP 5 billion in the first half, with a target of over GBP 11 billion for the full year, reflecting a 12% year-on-year increase [8][30] - The company has secured the supply chain for its major projects, with over 75% of the GBP 60 billion investment plan underpinned by delivery mechanisms [7][19] - The U.K. Electricity Transmission capital investment increased by 31% to GBP 1.7 billion, driven by new substations and ongoing projects [19][32] Regulatory and Policy Developments - Approximately 75% of the U.S. five-year investment plan has been approved within rate cases, indicating strong regulatory support [8][11] - New York State's shift towards an all-of-the-above energy approach aims to balance clean energy goals with affordability, potentially reducing energy costs by up to $6 billion through the NESE pipeline [9][10] - The U.K. government is exploring ways to expedite infrastructure delivery, which could benefit future transmission projects [11][12] Financial Performance - Underlying operating profit increased by 13% to GBP 2.3 billion, driven by higher regulatory revenues in both U.K. and U.S. electricity transmission businesses [13][30] - Underlying earnings per share rose by 6% to 29.8p, supported by strong operating performance despite higher finance costs [30][38] - Cash generated from continuing operations was GBP 3.6 billion, a 35% increase compared to the prior year, reflecting improved profitability [38] Future Outlook and Strategic Priorities - National Grid aims to maintain momentum in capital delivery and regulatory engagement, focusing on the RIIO-T3 framework to ensure competitive returns [41][43] - The company is preparing for upcoming regulatory decisions and is actively engaging with stakeholders to facilitate connections and infrastructure development [21][43] - Strategic priorities include enhancing collaboration with the AI Energy Council and advancing construction across Wave 1 ASTI projects [41][43]

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Financial Performance - National Grid plc reported a statutory operating profit of £1,526 million for the six months ended 30 September 2025, a 17% increase from £1,309 million in the previous year[10]. - Underlying operating profit increased by 13% to £2,292 million, driven by strong performance across regulated businesses[37]. - Statutory earnings for the first half of 2025 were £617 million, an 8% increase from the previous year, primarily due to a £159 million favorable swing in timing[89]. - Profit for the period increased to £647 million for the six months ended 30 September 2025, compared to £618 million in the same period last year, reflecting a growth of 4.7%[128]. - Total profit for the period attributable to equity shareholders was £617 million, compared to £647 million in the previous year, a decrease of 4.6%[123][124]. - Operating profit from continuing operations rose to £1,526 million, up from £1,309 million, representing an increase of 16.6%[132]. - Basic earnings per share for continuing operations was 12.6 pence, unchanged from the previous year[123][124]. - Total comprehensive income for the period was £685 million, down from £719 million, indicating a decrease of 4.7% year-over-year[128]. Capital Investment - Capital investment reached a record £5,052 million, up 12% from £4,494 million in the prior year[29]. - The company is on track to deliver over £11 billion in capital investment for the full year, reflecting progress on ASTI projects in the UK and major transmission projects in the US[41]. - Capital investment for continuing operations increased by £558 million to £5,052 million, a 12% increase year-over-year[39]. - The company expects to invest around £60 billion across its energy networks and adjacent businesses over the five-year period to March 2029, with Group assets trending towards £100 billion by March 2029[59]. - In the UK, the company anticipates approximately £23 billion of investment in UK Electricity Transmission for asset health and system reinforcement, and around £8 billion in UK Electricity Distribution for infrastructure improvements[60]. - In the US, the company plans to invest around £17 billion in New York and £11 billion in New England over the five years to 2028/29, focusing on renewable connections and transmission upgrades[61]. Dividends - The interim dividend per share was increased to 16.35p, representing a 3% rise from 15.84p in the previous year[10]. - The Board approved an interim dividend of 16.35p per ordinary share, expected to be paid on 13 January 2026[108]. - The company paid dividends totaling £894 million during the period, an increase from £811 million in the previous year, reflecting a growth of 10.2%[134]. - The Directors proposed an interim dividend of 16.35 pence per share for the year ending 31 March 2026, distributing approximately £811 million of shareholders' equity[200]. - A final dividend for the year ended 31 March 2025 was paid at 30.88 pence per share, totaling £894 million in cash dividends[200]. Leadership Transition - Zoë Yujnovich will succeed John Pettigrew as CEO on 17 November 2025, marking a leadership transition[22]. Debt and Financial Outlook - Net debt rose to £41.8 billion, £0.5 billion higher than the previous period, primarily due to capital investment[40]. - The company expects net debt to increase by around £1.5 billion, reaching approximately £42.9 billion by March 2026, with regulatory gearing expected to be around 60%[82]. - The company expects underlying EPS to grow at a compound annual growth rate (CAGR) of 6-8% from the 2024/25 baseline of 73.3p[26]. Operational Highlights - The company achieved £100 million in cumulative synergies from the acquisition of UK Electricity Distribution, six months ahead of schedule[18]. - Installed over 360,000 advanced metering infrastructure (AMI) meters in New York and around 220,000 in New England during the half-year[43]. - Progressed construction on all six Wave 1 ASTI projects in the UK Electricity Transmission business, including energizing the Hurst-Crayford 275 kV circuit[43]. - The company aims to continue its strategic investments in infrastructure to support future growth and energy transition initiatives[119]. - National Grid is focused on addressing climate-related risks and enhancing its operational resilience against adverse weather conditions and regulatory changes[120]. Revenue and Sales - Revenue for the six months ended September 30, 2025, was £7,065 million, a decrease of 11.2% compared to £7,961 million in the same period of 2024[123]. - UK Electricity Transmission segment reported sales of £1,406 million, up from £1,182 million in 2024, reflecting a 19.0% increase[151]. - New York segment generated revenue of £2,667 million, an increase of 14.0% compared to £2,341 million in 2024[151]. - The Group's US revenue was £3,877 million, with significant contributions from System Operator and Distribution segments[166]. Asset Management - Total non-current assets increased to £94,833 million as of 30 September 2025, up from £92,410 million, reflecting a growth of 2.6%[130]. - Current assets decreased to £8,927 million from £14,332 million, a decline of 37.5%[130]. - Total liabilities decreased to £66,542 million from £68,916 million, a reduction of 3.5%[131]. - The company had undrawn committed facilities available amounting to £7.7 billion as of 30 September 2025, indicating strong liquidity[141].

Financial Data and Key Metrics Changes - The company reported a 13% increase in underlying operating profit to GBP 2.3 billion, driven by higher regulatory revenues in both U.K. and U.S. electricity transmission businesses [13][27] - Underlying earnings per share rose by 6% to GBP 29.8, reflecting strong operational performance despite higher finance costs [14][28] - Capital investment reached a record GBP 5.1 billion, up 12% year-on-year at constant currency [14][28] Business Line Data and Key Metrics Changes - U.K. electricity distribution saw underlying operating profit decrease by GBP 22 million to GBP 551 million due to lower revenues from Ofgem's real price effects mechanism [29] - U.K. electricity transmission reported an underlying operating profit increase of GBP 122 million to GBP 846 million, supported by higher allowed revenues [30] - In the U.S., New York's underlying operating profit increased by GBP 167 million to GBP 443 million, driven by higher net revenue from network upgrades [31] Market Data and Key Metrics Changes - The company is experiencing strong visibility in its investment program, with a projected investment growth of around 10% per annum and underlying earnings per share growth of 6%-8% [7][8] - The U.S. regulatory environment remains supportive, with approximately 75% of the five-year investment plan approved within rate cases [10] - In New England, capital investment increased by 23% to GBP 1 billion, reflecting increased spending on asset condition and system capacity [24] Company Strategy and Development Direction - The company is focused on a GBP 60 billion capital investment plan aimed at future-proofing networks to meet rising energy demand [4][5] - There is a commitment to operational excellence and capital discipline, with an emphasis on delivering cleaner energy and supporting economic growth [5][7] - The company is actively engaging with regulators and stakeholders to ensure the delivery of infrastructure projects and to adapt to evolving energy policies [11][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver a compelling investment proposition, citing strong progress in securing supply chains for major projects [8][9] - The company is well-prepared for winter, with electricity margins forecasted at around 10%, the highest since 2019 [15] - Management highlighted the importance of regulatory support and policy developments in facilitating future investments [10][11] Other Important Information - The company has achieved over GBP 100 million in synergy savings six months ahead of target following the U.K. electricity distribution acquisition in 2021 [16] - The Lost-Time Injury Frequency Rate was reported at 0.09, indicating a strong focus on safety across operations [15] - The company is working on developing AI infrastructure in the U.K., which is expected to drive significant investment in energy infrastructure [12] Q&A Session Summary Question: T3 expectations and dialogue with Ofgem - Management indicated ongoing discussions with Ofgem regarding the overall investable framework and the workability of the regulatory framework, emphasizing the need for a higher base return [44][46][47] Question: Net debt guidance and working capital effects - Management clarified that the net debt guidance has improved due to transaction proceeds and working capital effects, with a modest increase expected [44][49][50] Question: U.K. electricity distribution operational performance - Management confirmed that operational performance is on track to meet the 50 basis points guide for the year, with expectations to approach 100 basis points by the end of the price control period [52][53][54] Question: Sufficiency of Ofgem allowances for maintenance - Management affirmed that past allowances have been sufficient to maintain a reliable network, with ongoing discussions for future price controls [57][58][59] Question: U.K. infrastructure investment needs - Management emphasized the importance of stable fiscal and regulatory frameworks and streamlined planning processes to facilitate infrastructure investment across the U.K. [59][60]

Financial Data and Key Metrics Changes - The company reported an underlying operating profit of GBP 2.3 billion, a 13% increase year-on-year, driven by higher regulatory revenues in both the U.K. and U.S. electricity transmission businesses [12][25] - Underlying earnings per share rose by 6% to GBP 29.8, reflecting strong operating performance despite higher finance costs [12][25] - Cash generated from continuing operations increased by 35% to GBP 3.6 billion, attributed to improved profitability and favorable working capital movements [32] Business Line Data and Key Metrics Changes - In U.K. electricity distribution, underlying operating profit decreased by GBP 22 million to GBP 551 million due to lower revenues from Ofgem's real price effects [26][28] - U.K. electricity transmission saw an underlying operating profit increase of GBP 122 million to GBP 846 million, supported by higher allowed revenues [28] - In the U.S., New York's underlying operating profit increased by GBP 167 million to GBP 443 million, driven by higher net revenue from network upgrades [29] Market Data and Key Metrics Changes - Capital investment in the first half reached GBP 5.1 billion, a record level and up 12% year-on-year [12][26] - U.K. electricity transmission capital investment increased by 31% to GBP 1.7 billion, reflecting ongoing investments in substations and ASTI projects [28][17] - In New England, capital investment rose by 23% to GBP 1 billion, driven by asset condition improvements and smart meter installations [22] Company Strategy and Development Direction - The company is focused on a GBP 60 billion capital investment plan aimed at future-proofing networks and meeting growing energy demand [3][6] - There is a commitment to operational excellence and capital discipline, with a target of 10% annual investment growth and 6%-8% underlying earnings per share growth [6][12] - The company is actively engaging with regulators and policymakers to support infrastructure development and accelerate economic growth [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver a compelling investment proposition, supported by strong regulatory backing and policy developments [6][9] - The company is well-prepared for winter, with electricity margins forecasted at around 10%, the highest since 2019 [14] - Management highlighted the importance of maintaining momentum and focusing on performance amidst challenges and opportunities in the energy sector [4][5] Other Important Information - The interim dividend declared is GBP 16.35 per share, representing 35% of the previous year's full-year dividend [12][26] - The company has achieved over GBP 100 million in synergy savings six months ahead of target following the U.K. electricity distribution acquisition in 2021 [15][28] - The transition to a more balanced geographical footprint, with over three-quarters of operations now in electricity, reflects a successful portfolio repositioning [38] Q&A Session Summary Question: T3 expectations and dialogue with Ofgem - Management indicated ongoing discussions with Ofgem regarding the investment framework and the need for a higher base return, supported by recent regulatory developments [41][43][44] Question: Net debt guidance and working capital effects - The company provided clarity on net debt guidance, indicating a modest increase due to transaction proceeds and working capital improvements [41][46][47] Question: U.K. electricity distribution operational performance - Management confirmed that operational performance is on track for the year, with expectations to reach closer to 100 basis points by the end of the ED2 period [49][50][51] Question: Sufficiency of allowances for maintenance - Management affirmed that past allowances have been sufficient to maintain network reliability, with a focus on ensuring future regulatory frameworks support necessary capital expenditures [54][55][56] Question: Infrastructure investment and planning regime - Management emphasized the need for stable fiscal and regulatory frameworks to facilitate efficient infrastructure investment across the U.K. [56][57] Question: Update on network windfalls and TOTEX uncertainty - Management clarified that there have been no windfall profits and discussed the expected clarity on TOTEX numbers as new connection offers are issued [59][63][64]

Financial Data and Key Metrics Changes - The underlying operating profit increased by 13% to GBP 2.3 billion, driven by higher regulatory revenues in both the U.K. and U.S. electricity transmission businesses [13][25][26] - Underlying earnings per share rose by 6% to GBP 29.8, reflecting strong operational performance despite higher finance costs [26][32] - The company achieved a record capital investment of GBP 5.1 billion, up 12% year-on-year at constant currency [13][26] Business Line Data and Key Metrics Changes - In U.K. electricity distribution, underlying operating profit decreased by GBP 22 million to GBP 551 million due to lower revenues from Ofgem's real price effects mechanism [26][27] - U.K. electricity transmission saw an increase in underlying operating profit by GBP 122 million to GBP 846 million, supported by higher allowed revenues [26][28] - In the U.S., New York's underlying operating profit increased by GBP 167 million to GBP 443 million, driven by higher net revenue and recovery of previously unremunerated costs [28][29] Market Data and Key Metrics Changes - Capital investment in the U.S. reached GBP 1.6 billion, up 5%, reflecting increased maintenance replacement expenditure [21][29] - In New England, capital investment increased by 23% to GBP 1 billion, driven by asset condition and system capacity investments [23] Company Strategy and Development Direction - The company is focused on a GBP 60 billion capital investment plan aimed at future-proofing networks and meeting growing energy demand [4][6] - There is a commitment to operational excellence and capital discipline while delivering for customers and creating shareholder value [5][6] - The company is actively engaging with government and industry to support the development of AI infrastructure and data centers in the U.K. [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver a compelling investment proposition with expected investment growth around 10% per annum and underlying earnings per share growth of 6%-8% [6][13] - The company is well-prepared for winter with plans in place to ensure reliability and safety across networks [14] - Management highlighted the importance of regulatory support and policy developments in facilitating future investments [10][11] Other Important Information - The board declared an interim dividend of GBP 16.35 per share, representing 35% of last year's full-year dividend [26] - The company achieved over GBP 100 million of synergy savings six months ahead of target following the U.K. electricity distribution acquisition in 2021 [15][27] Q&A Session Summary Question: T3 expectations and dialogue with Ofgem - Management indicated that they are focused on the overall investable framework and the workability of the regulatory framework, advocating for a higher base return [40][41][42] Question: Net debt guidance - The net debt guidance improved, with a projected increase of around GBP 1 billion for the full year, accounting for disposals and working capital effects [43][44] Question: U.K. electricity distribution operational performance - Management confirmed that performance is on track for the year, guiding towards 50 basis points and aiming for closer to 100 basis points by the end of ED2 [45][46][47] Question: Ofgem price controls and maintenance allowances - Management expressed satisfaction with past allowances, noting continued delivery of world-class reliability and a resilient network [49][50] Question: Infrastructure investment in the U.K. - Management emphasized the need for stable fiscal and regulatory frameworks and improvements in the planning regime to facilitate efficient infrastructure development [51][52] Question: Select committee focus on network windfalls - Management clarified that they have not received windfall profits and that Ofgem has already addressed this issue [53][54] Question: RIIO-T3 TOTEX expectations - Management indicated that the GBP 35 billion TOTEX is contingent on the speed of connections and that clarity will improve as new connection offers are made [56][57]

Financial Performance - Underlying operating profit increased by 13% to £2,292 million, compared to £2,026 million in HY25[33] - Underlying EPS increased by 6% to 29.8 pence, compared to 28.0 pence in HY25[33] - Capital investment increased by 12% to £5,052 million, compared to £4,494 million in HY25[33] - Dividend increased by 3.2% to 16.35 pence, compared to 15.84 pence in HY25[33] - Finance costs increased to £678 million, compared to £652 million in HY25[106] - Underlying earnings increased by 16% to £1,470 million, compared to £1,269 million in HY25[106] Strategic Investment and Growth - The company plans for approximately £60 billion in capital investment, with around £51 billion allocated to green initiatives[14] - The company aims for a group asset compound annual growth rate (CAGR) of approximately 10% from FY24 baseline[14] - Over 75% of the £60 billion investment plan is underpinned by delivery mechanisms[18] Business Segments - UK Electricity Distribution underlying operating profit was £551 million[79] and capital investment was £756 million[40] - UK Electricity Transmission underlying operating profit was £846 million[82] and capital investment was £1,684 million[45] - US New York underlying operating profit was £443 million[90] and capital investment was £1,585 million[55] - US New England underlying operating profit was £292 million[95] and capital investment was £958 million[64]

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